FINTECH STRATEGY MUST ANSWER TODAY’S CHALLENGES

in #blockchain6 years ago

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As you may know, the MicroMoney started as a company fully focused on micro-financing in the money lending industry, aiming to provide the best solution to individuals and SMEs. But nowadays we are proud to be a Fintech company, working towards the goal of global financial inclusion.

When we started our team decided to be open-minded and think globally. While considering scaling our product, we have identified 100 the most populated countries with billions of unbanked and a huge demand for our main solutions.

So, we are doing our best now to provide our service to as many countries and companies, as we can. It might sound pretty wild for you, but even in the Great Britain today the largest corporates and public sector organizations they work with are still handling paper and accounting practices are similar to those in the early 1970’s. So do people in the USA. It’s not only about Asia or third world countries.

As we think it is really important for today to focus the attention of people and government on the fundamental challenges, such as payments and procurement, that are real areas of pain that exist today within the finance functions of businesses big and small. Furthermore — helping the Fintech sector to support businesses in solving these problems is where the focus must be. There also needs to be a reality check around the current market conditions in which Fintech companies are working now.

Open banking is a significant milestone in enabling alternative providers to financial banking services. New finch starts-ups will disrupt the bank’s status quo by offering new and more efficient ways of doing business and undertaking basic financial transactions. For banks now networking with peers at other banks is becoming less important than meeting with someone like a digital media technologist, who can share insights into how tens-of-thousands of customer-facing application enhancements can be released in a single day, rather than a month.

Rather than being a threat to each other’s existence, banks and Fintech startups could be the pioneers of a new financial services ecosystem. They have to join forces to currently locked up within banks’ data and legacy systems with the speed and agility that defines Fintechs. Definitely, that creates a win-win for everyone.

Traditional banking services are often afraid of a new, but their clients need this new wave. The mass adoption and global ubiquity of smartphones, joined by the digitization of financial processes and services, has caused growing customer demand for seamless digital financial experiences and launched a new era of Fintech innovation.

Customers today — particularly our millennial consumers — expect more cost-effective options for moving and managing money. They need future right here right now.

How do we see the finch today and tomorrow?

API-led connectivity and application networks will play a crucial role in supporting this new collaborative innovation strategy. Using external APIs, banks can provide Fintech innovation partners with access to the same building blocks being used to develop new digital services internally. Aside from the benefits of innovation, this will also make for banks easier to comply with PSD2 when it comes into effect next year. Opening up customer information to other financial services providers will be much simpler through the use of external APIs, which simply act as a gateway through which secure, controlled access can be granted to anyone that has permission.

We know everything about it. Believe us. Financial services for unbanked and underbanked, Big Data, Blockchain technology and A.I. scoring for business. All this combined with worldwide franchise constitute MicroMoney ecosystem. Blockchain technology offers an answer to classical but outdated banking restrictions. It provides financial institutions with a way to increase market competition and to make a product revolution in financial services.

The current situation enables and even forces all market players to provide fast and affordable services for the financially excluded worldwide. That’s why the role of the MicroMoney company and businesses which use our franchise is so big.

Financial services have become one of the main sources of income for state economies, encouraging the development of other industries. Providing the unbanked with access to wider financial opportunities means a higher standard of life globally: better education, medical care, establishing new small businesses, and improving the state’s economy.

In an emerging market, a smartphone can tell us everything we need about its owner, so that we can estimate his/her creditworthiness. No joke, your smartphone knows you much better than even your best friend.

So we made an app, which gathers 10,000 parameters. We analyze this Big Data using us

A Neural Network Scoring and this is enough to obtain a loan approval decision in just 15 seconds. Now, to borrow money using our app is as easy as to order an Uber. Of course, we are always improving the system too.

Loans through smart contracts, transparent and reliable credit history. We must enable businesses to get access to our customers, offering them the best service possible.

We have more 95,000 registered users, of which 90 percent took out the first loan in their life. About 73% got back to us for a second loan. Currently, our retention statistic shows an average of 4.5 social/emergency loans per client.

We are an example of a start-up which wasn’t afraid to face unknown (clients with no credit history) which is a still a problem for traditional banks, and after finding a solution for our business as a finch company we share our results with banks. The MicroMoney company faced today’s challenges and we want to share our experience world widely! That’s how modern Fintech world must deliver on today’s challenges!

As the number of digitally connected and engaged people grows globally, the more potential customers there are for all of us to serve and empower.

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